Ailing Düsseldorfer Hyp acquired by Lone Star
The nearly-moribund Düsseldorfer Hypothekenbank (Düsselhyp) finally found a buyer last month when it was bought by turnaround specialists, the US fund Lone Star, for an undisclosed sum. The deal came as no great surprise, as Lone Star has made no secret of its interest in acquiring further German distressed financial institutions, and would be seen as one of the obvious candidates with a recognisable track record.
The mortgage bank has been under the administration of the German Banks Association's (BdB) depositor protection fund since being rescued from the ravages of the financial crisis in April 2008. The move at the time was unusual, but was justified by the association as critical to protect the integrity of the German Pfandbrief at a time of great market uncertainty.
(Read more on this in the latest issue of the REFIRE Intelligence Report, 27th July 2010 - see below)
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Meanwhile, the August 26th issue of REFIRE has just appeared. Included in the August 26th issue:
- New Henderson €200m retail fund for German investors
- Allianz's acquisition of Aldi property portfolio
- Rising German residential property prices
- The end of the good times for Gagfah shareholders
- Shake-up among German shopping centre operators
- The recent surge in sentiment for German real estate
- The latest from the open-ended funds industry
- The secret of Patrizia Immobilien's rebound
- Who are the team trying to buy Berlin's BIH?
and
- Redeveloping German offices to residential - we talk with Michael Kunz of Proximus Asset Management
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